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TerryHarmonicTrading
Dec 17, 2016 7:26 AM

SPX - Bullish until 2350 

TVC:SPX1W
S&P 500 IndexTVC

Description

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Hey guys, this is rare and something I have yet to see before in my 10 years of studying the markets.

Usually, the USD strengthens and the stock market drops.

This is the only time where I see the stock market go up together with the USD.

I am hoping the bullishness in the stock market will be short lived, I hope the market will drop so that we are able to buy low on quality stocks.

For those trading the indices, my bias is still bullish on SPX until it hits 2350.

At 2350, the deep crab pattern completes on the weekly chart and we might see a correction.

This is not a call to short it but more like DO NOT SHORT S&P before it hits 2350.

We will monitor for reversal clues off 2350 before we consider whether to go short on the index.

Good luck guys!

Comment

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I made a mistake. This is the correct deep crab. The one previously posted was a shark then became invalidated.

This is the correct deep crab also completing at 2350.

Trade closed: target reached

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After 2 months, 2350 reached! But remember not to go short yet, I will reveal my criteria that needs to be met before any shorts will be initiated
SPX (S&P 500 Index)Harmonic PatternsDeep Crabterryharmonic
Comments
NikhilMamu
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@TerryHarmonicTrading how does this chart look now? what are your thoughts on this?
TerryHarmonicTrading
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@NikhilMulley,we see a breakout of prz, this is heading higher.

Min towards the XA 200 area.
NikhilMamu
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@TerryHarmonicTrading, thanks! can you please share your recent updated analysis on spx?
trungle83
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Almost looks like a 3 drives pattern. Except the measurements are off for a 3 drives pattern
trungle83
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Interesting. Would love to see what the actions are with this one. Thanks for keeping track with this one Terry.
SharkbaitAl
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Very nice forecast! I will surely be watching for your posts regarding this crab pattern -- I too am hoping for a nice drop where we can buy equities at a discount. Thanks for sharing with us.
kunsan
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Very nice chart. I have target area of 2313/7, however I had expected that to be reached on or around Dec 29th which does not now look possible. Current sideways action looks like a 4th wave that *should* break upwards at some point, but of course these things are never certain.
ItsJ_
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Good pattern.
pipstrading
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for a deep crab pattern, shouldnt point C be higher / equal to point A? in your chart, point C seems to have gone for a significant extension already. what do u think?
TerryHarmonicTrading
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@pipstrading, Thanks for pointing it out. I mapped it wrongly. Map point x on B and it will map out a deep crab nicely.

I was in a rush to finish my report earlier.
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